The drift that began on Saturday evening, after Vice-President JD Vance left Pakistan without reaching a peace agreement in Iran, has for the moment been somewhat reversed.
After falling to $70,500 on Sunday, bitcoin price rebounded to $72,100 during Monday morning trading hours in the United States. Reports suggesting that Iran was considering giving up its enriched uranium as a concession to ending the war were helpful.
US stocks also reversed large early losses, with the Nasdaq now up 0.3% after sliding more than 1%.
Meanwhile, the promised US blockade of the Strait of Hormuz – scheduled for 10 a.m. ET – has apparently gone into effect.
“Security in the Persian Gulf and the Sea of Oman is everyone’s business, or NO ONE’S,” the Islamic Republic of Iran Radio and Television reported Monday. “NO PORT in the region will be safe,” according to a statement from the Iranian army and Revolutionary Guards.
Crypto-related stocks are also higher, thanks to an 8.3% gain for stablecoin issuer Circle (CRCL). Coinbase (COIN) is up 3.1% and Strategy (MSTR) is up 1.5%.
Read more: Strategy buys 13,927 bitcoins for $1 billion, entirely through STRC
Does lightning strike twice?
Bitcoin has now been consolidating for 67 days since its February 5 local low at $60,000, almost identical to the 68-day consolidation period between November 21 and January 28, which preceded a sharp decline from around $90,000 to $60,000 in the span of a week. Bears are expecting a similar outcome, which could include a retest of the 200-week moving average around $60,000.
